Article Date:
April 2019


Word Count:
919

 

 

Tax Deduction for Classic or Antique Cars Used in Business


Question

 

I enjoy your articles on the dollars-and-cents aspects of buying antique furniture for use in a business.

 

It would be interesting if you could give an example of, say, buying an antique or a classic car versus a new car as a business-use vehicle. Let’s say a 1972 Pontiac GTO versus a 2019 Lexus GS.

 

Answer

 

Good question!

 

Our answer considers:

 

1.

The classic or antique car as a write-off;

2.

How the old law often disallowed classic cars;

3.

How the new law works to your benefit;

4.

What the IRS thinks of this;

5.

Why the term “recovery property” made this possible;

6.

How you are shielded from the IRS attack; and

7.

How the classic car shows you the money.

 

Classic or Antique Car as a Write-Off

 

To deduct the classic or antique car,1

 

·

the car must be of a type that’s ... Log in to view full article.

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